LONDON, May 23 — Germany supports an overhaul of European Union import taxes which could end an exemption for cheap parcels that has helped online retailers Shein and Temu grab...
Turbulence-hit Singapore Airlines flight: Three Malaysians in ICU conscious but closely monitored, six others stable and under surveillance, says country’s ambassador to Thailand
The practice helps the two companies offer dresses for as little as US$8 and smart watches for US$25 to shoppers around the world. Shein is currently stepping up preparations for a London listing, after an attempt to float in New York faced pushback from US lawmakers. Germany’s finance ministry said it welcomed the fact the European Commission had put forward “proposals to adapt European customs law to the challenges of e-commerce”, referring to a broader reform plan that includes ending the duty-free limit.In response to Reuters’ questions, Shein said: “We seek to comply with all relevant local laws and regulations of the countries in which we operate, including in relation to customs and tax compliance.
Rival Temu, owned by Chinese online retailer Pinduoduo Holdings, has also denied that its growth has been mainly driven by the duty-free policy. The European Parliament approved the customs reform bill in a preliminary vote in March, but the bill will be assessed further after European elections in early June, with a new parliament in place.
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